RFOX, a fast-growing metaverse company, has announced it has established a new regional office in Dubai.
The company, which is currently domiciled in Southeast Asia, is building the RFOX VALT metaverse, which is focused on retail and entertainment experiences, offering users the ability to have experiences with their favourite brands and celebrities in virtual reality.
RFOX said it is one of the few companies that have specifically targeted both retail and entertainment sectors for its metaverse focus.
Analysts Emergen Research have identified both sectors to dominate the metaverse market, estimated at $1.6 trillion by 2030.
Ben Fairbank, co-founder and CEO, praised the Dubai government, especially its ruler Sheikh Mohammed Bin Rashid Al Maktoum, for the foresight and vision for virtual assets and the crypto industry.
“We looked at multiple jurisdictions, and after careful review, we decided that Dubai was making great progress in giving users confidence in virtual assets.
“Dubai’s adoption of the Virtual Asset Regulation Law, the first law governing virtual assets, and the establishment of a regulator to oversee the sector will help facilitate the mainstream adoption of virtual assets.”
Gartner revealed that by 2026, 25 percent of people will spend at least one hour a day in the virtual world.
He added: “We also looked at the ecosystem in Dubai and found we were in good company with organisations such as Binance and Meta also taking up strategic positions in Dubai. We are optimistic about our future in the region.”
Since 2018, the company has built the RFOX ecosystem of products and solutions that include online games (RFOX Games), white-label NFT platform (RFOX NFTs), DeFi products (RFOX Finance) and digital media platforms (RFOX Media and RFOX TV).
The RFOX announcement comes as analysts Gartner revealed that by 2026, 25 percent of people will spend at least one hour a day in the virtual world.
The technology is expected to provide “enhanced immersive experiences” through a range of devices including tablets and VR headsets. Additionally, digital currencies and non-fungible tokens (NFTs) will play a big role in the virtual ecosystem as no single vendor will own the virtual world.
According to Gartner, it will also impact how businesses interact with consumers. It will also drive the shift to immersive workspaces in virtual offices and change how work gets done.
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